Perks are another form of non-wage compensation, but they differ slightly from benefits. Think of perks as the toppings on your ice cream sundae; they may not be necessary, but they sure make things more fun. A perk could be something that helps an employee perform their job better, like having an espresso machine in the breakroom. It could be aimed at employee wellness, like offering gym memberships or catered healthy lunches. Perks brighten the office atmosphere and boost employee morale.
The kind of perks your business offers should be reflective of the culture you want for your company. A company that values a professional appearance might offer free dry cleaning for employees. A company that encourages workers to take breaks at work might opt for a company ping pong table. No matter what it is, perks should very much be seen as necessary for employee happiness.
Both benefits and perks are aimed at increasing employee productivity and loyalty, recruiting new workers, and enhancing the office culture. Benefits cover basic needs and are more reliable for attracting employees to your company. Perks are the cherry on top and are handy for engaging current employees or getting the edge over another company.
Companies can no longer rely on core benefits alone. Innovative benefits and perks such as travel incentives, student loan repayment programs, and company-sponsored kegs are leading the way in attracting new employees and keeping the existing ones around. If you want to be a successful company, you need to be offering both benefits and perks.